Sapphire Capital Inc. (“Sapphire”) is pleased to announce that FitCrew Inc. (“FitCrew”), a portfolio company of Sapphire Investment Fund I L.P. (hereinafter referred to as "Sapphire Fund I"), a fund managed by Sapphire, was listed today, 12 December 2025, on the Tokyo Stock Exchange Growth Market (Securities Code: 469A).
FitCrew has built a strong brand presence in the women’s personal training gym segment and has expanded its business by leveraging a distinctive business model and outstanding operational capabilities. Through comprehensive hands-on support—including the development of growth strategies, enhancement of organisational structures, and strengthening of financial strategies—Sapphire Fund I has worked to enhance the company’s corporate value.
This listing marks an important milestone for FitCrew, reflecting the market’s recognition of its solid business foundation and sustained growth potential, and signaling the beginning of the company’s next stage of expansion. Sapphire will continue to support FitCrew’s further development and the enhancement of its corporate value going forward.

For Inquiries：
Sapphire Capital Co., Ltd.
Nittetsu Nihonbashi Building 3F, 1-13-1 Nihonbashi, Chuo-ku, Tokyo 103-0027
Email: info@sapphirecapital.co.jp

Fit Crew Inc.
Established: November 2015
Representative: Hiroki Kashima, President & CEO
Location: Chuo Building 1F, 1-13-9 Utsubohonmachi, Nishi-ku, Osaka City
Business: operation of the women-only personal gym "UNDEUX" and the personal trainer training school "Pro Gym"
Website https://o2-capsule.com/company

Sapphire Capital Co., Ltd.
Established: April 2016
Representative: President & CEO Yasuo Yamada
Shareholders:
Polaris Advisors Inc.
Sugashita Partners Inc.
Yasuo Yamada
Location: Nittetsu Nihonbashi Building 3F, 1-13-1 Nihonbashi, Chuo-ku, Tokyo
Business：
Investing in securities
Managing Investment Limited Partnerships (LPS)
Management consulting services
Website https://www.sapphirecapital.co.jp/